Is it new?
To find out if the idea is really new, be thorough in your online search. Search base on descriptions of the the problems it solves, how it is used and the benefits. You should also search Google Patents or the USPTO.gov site to look for existing patents in this area.

Does it need to be new?
"New" is nice, but in a rapidly developing market space like most IoT applications, there may be a lot of room for "better" or "improved." If there is competition, find out how well it is being adapted and used; you may still uncover new opportunities.

Is it feasible?
This is clearly a loaded question. To determine market feasibility, you will have to answer a number of individual questions, including:
- Will the product address a real problem and deliver tangible benefits
- Can you make a product that performs the way you want it to?
- Will anyone want it if you do? Why?
- How many of them are there and who are they?
- Can you market it at a price they will be willing to pay for it?
- How can you reach and sell to them?
- Do they know they want this, or will you need to educate them?
- What obstacles will you need to overcome to make a sale?
- What will compete with this purchase, both directly (other products) and indirectly (other ways to solve the problem)?

I hope that helps. I have been doing a lot of work in the IOT space and would be happy to walk you through a process to help you answer your question.